Oregon Bancorp Announces Second Quarter Earnings
Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the second quarter totaled
During the quarter, total assets increased
Commercial real estate loan balances increased by
Ryan Dempster, President and CEO, commented, “Quarterly earnings remain strong and will continue to compare favorably to peer, and year-to-date earnings are well ahead of our results from the first half of last year.” He continued by saying, “We believe the return to normalcy following the lapse in restrictions relating to the pandemic will allow for additional business opportunities for the Company as the economy recovers.”
About Oregon Bancorp, Inc.
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank (Bank), a community bank headquartered in Salem, Oregon. The Bank conducts commercial and retail banking activities at four full-service branch locations in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates 13 Home Loan Centers located in Oregon, Washington, and Idaho. For more information about Oregon Bancorp, Inc. or its subsidiary, Willamette Valley Bank, please call (503) 485-2222 or visit our website at www.willamettevalleybank.com.
Forward Looking Statements
Certain statements in this release may be deemed “forward-looking statements”. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.
CONSOLIDATED BALANCE SHEETS | ||||||||||||
Unaudited | ||||||||||||
(Amounts in thousands except per share data) | June 30, |
|
March 31, |
|||||||||
Summary Statements of Condition | 2021 |
|
2020 |
|
2021 |
|||||||
Cash and short term investments | $ |
66,338 |
|
$ |
20,044 |
|
$ |
47,018 |
|
|||
Loans: | ||||||||||||
Real estate |
|
207,805 |
|
|
186,978 |
|
|
202,732 |
|
|||
Commercial |
|
24,548 |
|
|
37,462 |
|
|
30,947 |
|
|||
Other |
|
605 |
|
|
3,316 |
|
|
690 |
|
|||
Unearned income |
|
(899 |
) |
|
(1,103 |
) |
|
(970 |
) |
|||
Loan loss reserve |
|
(2,601 |
) |
|
(2,386 |
) |
|
(2,598 |
) |
|||
Total net loans |
|
229,458 |
|
|
224,267 |
|
|
230,801 |
|
|||
Loans available for sale |
|
62,338 |
|
|
90,437 |
|
|
75,596 |
|
|||
Property and other assets |
|
18,498 |
|
|
19,050 |
|
|
20,962 |
|
|||
Total assets | $ |
376,632 |
|
$ |
353,798 |
|
$ |
374,377 |
|
|||
Deposits: | ||||||||||||
Noninterest-bearing demand | $ |
28,921 |
|
$ |
25,509 |
|
$ |
27,130 |
|
|||
Interest-bearing demand |
|
80,546 |
|
|
62,843 |
|
|
83,724 |
|
|||
Savings and Money Market |
|
118,305 |
|
|
86,736 |
|
|
106,131 |
|
|||
Certificates of deposit |
|
68,759 |
|
|
82,005 |
|
|
73,061 |
|
|||
Total deposits |
|
296,531 |
|
|
257,093 |
|
|
290,046 |
|
|||
Borrowings |
|
- |
|
|
37,881 |
|
|
6,343 |
|
|||
Other liabilities |
|
12,026 |
|
|
14,024 |
|
|
15,231 |
|
|||
Shareholders' equity |
|
68,075 |
|
|
44,800 |
|
|
62,756 |
|
|||
Total liabilities and shareholders' equity | $ |
376,632 |
|
$ |
353,798 |
|
$ |
374,377 |
|
|||
Book value per common share | $ |
28.22 |
|
|
18.99 |
|
|
26.36 |
|
CONSOLIDATED STATEMENTS OF NET INCOME | ||||||||||||
Unaudited | ||||||||||||
Six Months Ending |
|
Three Months Ending |
||||||||||
(Amounts in thousands except per share data) | June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|||||
Interest income | $ |
7,047 |
$ |
6,283 |
$ |
3,543 |
$ |
3,332 |
||||
Interest expense |
|
599 |
|
1,157 |
|
293 |
|
548 |
||||
Net interest income |
|
6,448 |
|
5,126 |
|
3,250 |
|
2,784 |
||||
Provision for loan losses |
|
113 |
|
566 |
|
- |
|
176 |
||||
Net interest income after provision |
|
6,335 |
|
4,560 |
|
3,250 |
|
2,608 |
||||
Noninterest income |
|
43,025 |
|
35,155 |
|
19,521 |
|
23,271 |
||||
Noninterest expense |
|
32,090 |
|
26,492 |
|
15,546 |
|
15,732 |
||||
Net income before income taxes |
|
17,270 |
|
13,223 |
|
7,225 |
|
10,147 |
||||
Provision for income taxes |
|
4,544 |
|
3,338 |
|
1,799 |
|
2,643 |
||||
Net income after income taxes | $ |
12,726 |
$ |
9,885 |
$ |
5,426 |
$ |
7,504 |
||||
Net income per share, basic | $ |
5.31 |
$ |
4.21 |
$ |
2.25 |
$ |
3.18 |
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